{"id":5174,"date":"2020-04-02T20:46:08","date_gmt":"2020-04-02T15:16:08","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=5174"},"modified":"2020-04-02T20:46:08","modified_gmt":"2020-04-02T15:16:08","slug":"how-to-get-a-personal-loan-when-you-dont-have-good-credit-history","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/how-to-get-a-personal-loan-when-you-dont-have-good-credit-history\/","title":{"rendered":"How to Get a Personal Loan when you don&#8217;t have Good Credit History?"},"content":{"rendered":"\n<p>In 2020, the life of a middle-class\nindividual revolves around multiple expenses. Most of the time, these expenses\ncan be managed with your budget and savings. But in some emergencies, expenses\nbecome more than your monthly income. In such instances, a person will look for\nan instant personal loan.<\/p>\n\n\n\n<p><strong>What\u2019s the benefit of a personal loan?<\/strong><\/p>\n\n\n\n<p>A personal loan is a multi-purpose loan.\nThis loan is given by Banks &amp; NBFCs so you can sort all your problems and\nexpenses. This is an unsecured loan and hence needs no collateral. Personal\nloan interest rates are solely dependent on your eligibility that is set by the\nlender.&nbsp;<\/p>\n\n\n\n<p>When you fulfill the personal loan\neligibility, you can apply for a personal loan. At this juncture, Banks and\nNBFCs will look for job &amp; income history to decide personal loan interest\nrates. They will also look at your credit score. With a good credit score, you\ncan get the lowest interest rates a Bank can offer. With a bad credit score,\nyou might get a loan at higher interest rates or get your application rejected.<\/p>\n\n\n\n<p><strong>How can I get a personal loan with a bad credit history?<\/strong><\/p>\n\n\n\n<p>There are low chances of getting a\npersonal loan with a bad credit history. Banks and NBFCs usually will avoid\ngiving customers personal loans with a bad credit score. You will have to\nimprove your credit score through the following steps:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Pay all your bills on time. Do not default on any payment. Consistent      repayment over a long period of time will improve your credit score.<\/li><li>Maintain a healthy credit utilization ratio. This ratio must hover around 35-40% maximum of your credit limit.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Close debts one by one through a debt consolidation loan as it will help you save interest money. Closing multiple debts is seen as a good response by the Banks and NBFCs.<\/li><li>Apply with a co-applicant or a loan guarantor. The Bank will consider your loan application as secure and offer you a personal loan.\u00a0<\/li><li>Check your credit report and search for errors. Each error that you correct will help you in improving your credit history.<\/li><li>Apply for a lower personal loan amount. This is seen as good practice and Banks will mostly accept your loan application. Pay those EMIs on time and your credit score will improve in no time.<\/li><li>If you can show the Bank that your income can easily support personal loan EMI, then they will accept your loan application. This applies to people who have additional sources of income or recently got an appraisal\/bonus.<\/li><\/ul>\n\n\n\n<p>These are ways through which you can get\na personal loan when you don\u2019t have a good credit history. In case you are\nlooking for the best personal loans at the lowest interest rates, apply here!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2020, the life of a middle-class individual revolves around  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